Feb 27, 2017

Stocks rise, shrugging off weak home-sale numbers

Sue Ogrocki/AP

Contracts to buy previously-owned homes fell in January, according to the National Association of Realtors, calling into question the sustainability of a recent increase in existing home sales. Markets, however, are largely ignoring the data, accepting instead the NAR's explanation that it is low inventory, rather than low demand, putting a lid on the number of existing homes to be sold. Homebuilder stocks were up 1.43% Monday morning, while the broader market rose slightly.

Why it matters: Investors continue to look on the bright side of whatever new information is given. This attitude could launch the Dow Jones to a 12th-straight record-high today, if it can set records today and tomorrow it will tie a 1987 high for longest string of record closes.

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Coronavirus dashboard

Illustration: Aïda Amer/Axios

Global: Total confirmed cases as of 10:30 a.m. ET: 1,502,618 — Total deaths: 89,915 — Total recoveries: 339,775 — Map.
U.S.: Total confirmed cases as of 10:30 a.m. ET: 432,554 — Total deaths: 14,829 — Total recoveries: 24,213 — Map.
Business: The Fed will lend up to $2.3 trillion. — Another 6.6 million jobless claims were filed last week
Federal government latest: Congress' $250 billion PPP injection could come too late for some businesses.
Public health latest: Anthony Fauci said social distancing could reduce the death toll to 60,000.
Poll: 1 in 10 Americans believe the economy will never return to normal.
What should I do? Pets, moving and personal health — Answers about the virus from Axios experts — What to know about social distancing — Q&A: Minimizing your coronavirus risk.
Other resources: CDC on how to avoid the virus, what to do if you get it.

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Keep ReadingUpdated 11 mins ago - Politics & Policy

Courtenay Brown

Fed will lend up to $2.3 trillion amid coronavirus crisis

Fed Chairman Jerome Powell at a press conference in March. Photo: Eric Baradat/AFP via Getty Images

The Federal Reserve announced Thursday that it will support the coronavirus-hit economy with up to $2.3 trillion in loans to businesses, state and city governments — made possible in part by Treasury funds set aside in the government stimulus package.

Why it matters: The Fed has taken more action amid the coronavirus outbreak than it has in any other financial crisis in U.S. history in an effort to blunt the effects of the resulting economic shutdown.

DetailsUpdated 14 mins ago - Economy & Business

Dan Primack

Senate Democrats block Republicans' $250 billion PPP injection

Illustration: Sarah Grillo/Axios

Before the Paycheck Protection Program formally launched last Friday, we knew two things: The rollout would be rocky, and the initial $250 billion wouldn't be enough for America's small businesses.

The state of play: Banks and government officials have been working to smooth out the process. On Thursday, Senate Majority Leader Mitch McConnell's attempt to pump another $250 billion into the program via unanimous consent was blocked by Democrats, who are proposing an alternative.

Go deeperUpdated 16 mins ago - Economy & Business